For many individuals, their personal residence is likely their most valuable asset. If you wish to leave your residence to a specific person when you die, you need to include the passage of your home in your estate plan to ensure that your wishes become reality.
While this blog posting will discuss some of the options available to you, it is not all-comprehensive and you need to discuss your wishes with your estate attorney (and perhaps a real estate attorney). Due to the tax laws regarding basis in your personal residence and how to compute the taxable gain when a home is sold or transferred, it is best to include your tax professional in these estate planning meetings to avoid unpleasant tax surprises.
Here are some options available to you. [Read more…] about Consider Your Options When Leaving House to Heirs